Treasury risks.

Line up every maturity: each is a date when cash must exist.

Convertibles only convert when the price is high; otherwise they stay debt.

Collateralised loans behave like margin: falling prices raise requirements.

Concentration with one custodian is operational risk regardless of price.

Insurance usually covers theft, not market losses or governance failures.

For self-custody, signing procedures and audits matter more than press releases.

Ask for an explicit mandate: maximum allocation, who decides, and exit conditions.

Watch conflicts of interest when executives hold large personal positions.

Count treasury shares as crypto exposure in your own allocation, not as defensive equity.